• Facebook
  • Twitter
Europe’s Energy Crisis Is Coming for the Rest of the World, Too. Millions of people around the globe will feel the impact of soaring natural gas prices this winter.

“This winter, the world will be fighting over something that’s invisible, yet rarely so vital—and in alarmingly shorter supply… there isn’t enough gas to fuel the post-pandemic recovery and refill depleted stocks before the cold months.”

https://www.bloomberg.com/news/articles/2021-09-27/europe-s-energy-crisis-is-about-to-go-global-as-gas-prices-soar


  • Facebook
  • Twitter
Energy crisis is moment of truth for Europe’s green ambition… The imminent prospect of citizens unable to keep the lights on is the stuff of any government’s nightmare

“Europe’s decarbonisation agenda requires making fossil energy use more expensive. That was always going to be a tough sell. Now that higher prices are suddenly here, it is going to be harder still.”

https://www.ft.com/content/ab284905-8f54-4200-ab12-783d4580ad03


  • Facebook
  • Twitter
Angela Merkel’s bloc sees worst election result since 1949.

“An exit poll for ARD public television put voters’ support at 25per cent each for the Social Democrats which is putting forth outgoing Vice-Chancellor Olaf Scholz for chancellor and Merkel’s Union bloc under would-be successor state governor Armin Laschet.”

https://www.businesstoday.in/latest/world/story/angela-merkels-bloc-sees-worst-election-result-since-1949-307714-2021-09-27


  • Facebook
  • Twitter
Tension mounts as Monte dei Paschi di Siena [bank] nears its end – UniCredit is poised to carve up world’s oldest lender, sparking consolidation of Italy’s banking system…”

With thousands of jobs on the line, “Operazione Monte Paschi” has become a battleground in Italian politics…”

https://www.ft.com/content/a020dcba-d135-4ef9-8e67-ba44bc1921be


  • Facebook
  • Twitter
“Italy to spend €3bn on keeping household energy bills down as prices soar across Europe…

““In the absence of government intervention, in the next quarter the price of electricity could increase by around 40 percent, and that of gas by 30 percent,” Mario Draghi said.”

https://www.thelocal.it/20210923/italy-to-spend-e3bn-on-keeping-energy-bills-down-as-prices-soar-across-europe/


  • Facebook
  • Twitter
Boris Johnson prepares to call in army as panic buying drains UK petrol pumps…

“…at least half of petrol stations outside the motorway network have run out of fuel after Britons engaged in panic buying… One senior government insider said: “The situation in England is very bad.””

https://www.ft.com/content/7e79e4a8-7a1e-4b2c-8f81-cbf4e9969e28


  • Facebook
  • Twitter
Stanlow oil refinery ‘on brink of collapse’ as crisis talks continue.

“Essar Energy, which owns the Stanlow oil refinery in Ellesmere Port, Cheshire, is negotiating with HM Revenue and Customs (HMRC) over a £223m VAT payment, delayed because of the pandemic. The Stanlow oil refinery supplies about a sixth of Britain’s road fuel…

https://www.theguardian.com/business/2021/sep/26/uk-essar-energy-second-biggest-oil-refinery-on-brink-of-collapse-reports


  • Facebook
  • Twitter
China’s Power Crisis Moves From the Factory Floor to Homes… Shortage of coal and gas now affecting residential life…

“China’s energy crisis is beginning to hit people where they live, adding the risk of social instability on top of potential global supply chain disruptions.”

https://www.bloomberg.com/news/articles/2021-09-27/china-s-power-crisis-moves-from-the-factory-floor-to-the-bedroom


  • Facebook
  • Twitter
Chinese cities seize Evergrande presales to block potential misuse of funds…

“At least two local governments in China have taken control of sales revenue from Evergrande properties, even as Beijing remained silent about the unfolding liquidity crisis at the world’s most indebted developer and investors braced for more missed bond payments.”

https://www.ft.com/content/595c3f50-755d-4dcc-afc3-4c993e50a936


  • Facebook
  • Twitter
The chairman and chief executive of bankrupt Chinese conglomerate HNA Group, one of the country’s most prominent buyers of international assets, were taken away by police, according to a statement issued by the company on Friday…

“No further details on the allegations against them or their current whereabouts were provided.”

https://asia.nikkei.com/Business/Markets/China-debt-crunch/Bankrupt-HNA-s-chairman-and-CEO-taken-away-by-Chinese-police


  • Facebook
  • Twitter
Everything has exploded now’: on the streets with Thailand’s protesters…

“Din Daeng intersection… has turned into a battleground with nightly clashes taking place between young protesters, mostly students from vocational colleges and poorer neighbourhoods, and the police, who routinely fire rubber bullets and teargas.”

https://www.theguardian.com/world/2021/sep/25/everything-has-exploded-now-on-the-streets-with-thailands-protesters


  • Facebook
  • Twitter
Turkey: Student housing protests highlight soaring prices.

“Nightly student protests across Turkey against unaffordable rents are a sign of a wider cost of living crisis.”

https://www.aljazeera.com/news/2021/9/24/turkey-student-protests-rent-rises-housing-shortage


  • Facebook
  • Twitter
Tunisia: Opposition officials resign amid political crisis… international rights groups have slammed a “power grab” by President Kais Saied…

Saied’s extraordinary executive measures have come as the North African country grapples with an economic crisis due to high public debt and unemployment.”

https://www.dw.com/en/tunisia-opposition-officials-resign-amid-political-crisis/a-59310390


  • Facebook
  • Twitter
Lebanon: What life is like in a ‘failed state’…

“With a breakdown of the financial and banking systems since 2019, decades of rampant corruption, and the coronavirus pandemic – the health sector is just one of many that has collapsed.”

https://www.aljazeera.com/features/2021/9/26/lebanon-what-life-is-like-in-a-failed-state


  • Facebook
  • Twitter
The head of one of Asia’s biggest ocean shipping companies has warned that governments may need to intervene to “restore order” to a global logistics market tormented by chronic delays, supply chain disruption and record container rates.

“Takeshi Hashimoto, president of Mitsui OSK Lines, which is part of Ocean Network Express… said that the industry had miscalculated how long the disorder of the coronavirus pandemic would last…”

https://www.ft.com/content/e587b44e-3307-43d5-9299-93d23735935d


  • Facebook
  • Twitter
Cargo Delays Are Getting Worse, but California Ports Still Rest on Weekends.

“Despite mounting shipping delays and cargo backlogs, the busiest U.S. port complex shuts its gates for hours on most days and remains closed on Sundays. Meanwhile, major ports in Asia and Europe have operated round-the-clock for years.”

https://www.wsj.com/articles/cargo-delays-are-getting-worse-but-california-ports-still-rest-on-weekends-11632648602


  • Facebook
  • Twitter
Container ships now piling up at anchorages off China’s ports.

“There are over 60 container ships full of import cargo stuck offshore of Los Angeles and Long Beach, but there are more than double that — 154 as of Friday — waiting to load export cargo off Shanghai and Ningbo in China…”

https://www.hellenicshippingnews.com/container-ships-now-piling-up-at-anchorages-off-chinas-ports/


  • Facebook
  • Twitter
Semiconductor suppliers suspend factory operations in China amid power crunch…

“Multiple semiconductor suppliers for Tesla, Apple and Intel including ESON, Unimicron and ASE Groups, which have manufacturing plants in the Chinese mainland, recently announced they will suspend their factories’ operations to follow local electricity use policies.”

https://www.forexlive.com/news/!/semiconductor-suppliers-suspend-factory-operations-in-china-20210927


  • Facebook
  • Twitter
Semiconductor firms can’t find enough workers, compounding chip shortage.

“A survey from IPC found that 80% of chipmakers are having a hard time finding employees with the right training to handle the highly toxic compounds used to manufacture semiconductors…”

https://www.emarketer.com/content/semiconductor-firms-can-t-find-enough-workers-compounding-chip-shortage


  • Facebook
  • Twitter
In charts: bonds with negative yields around the world…

Bonds worth $14.8tn — more than a fifth (21.6 per cent) of the debt issued by governments and companies around the world — are currently trading with negative yields…”

https://www.ft.com/content/1bcfde6e-753d-4096-addc-e8545c89c7a9


  • Facebook
  • Twitter
Textbook Stagflation [US] Rising Faster Than Any Time Since IHS Began Tracking…

It’s a global phenomenon that holds as true for the UK, for example, as the US where IHS reports…”

https://seekingalpha.com/article/4456927-textbook-stagflation-rising-faster-any-time-since-ihs-began-tracking


Charting the Global Economy: Inflation Is Nudging Central Banks. In the U.S., Federal Reserve officials are now split on whether to raise their benchmark interest rate by the end of 2022.”

https://www.bloomberg.com/news/articles/2021-09-24/charting-the-global-economy-inflation-is-nudging-central-banks


  • Facebook
  • Twitter
An end to super-cheap money? Central banks begin tightening cycle…

” Along with Norway’s monetary tightening, the first in any advanced economy since the pandemic began, four emerging economy central banks — Pakistan, Hungary, Paraguay and Brazil — also raised the cost of borrowing this week, while the US Federal Reserve and Bank of England both signalled a move towards tightening monetary policy.”

https://www.ft.com/content/f68c2581-ae8b-443d-9b5b-117f7628533b


You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a ‘Climate’ thread.

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you! It means a lot.

Share This

Share this post with your friends!